Velvet Capital team moves tokens to exchanges amid 10x price surge

Amid a recent tenfold price surge in Velvet Capital's (VELVET) token from $0.09 to $0.90, wallets associated with the project's team and its market maker have been observed moving large quantities of the token to exchanges. According to EmberCN, an address linked to the project team transferred 22 million VELVET, worth approximately $19.8 million, to exchanges including Bitget, Gate.io, and KuCoin over the past three days. Additionally, market maker DWF Labs moved 6.68 million VELVET (around $6 million) to the same exchanges over the last month. EmberCN suggested the activity could be a combined move involving the spot price surge and liquidations in the futures market.